JAKARTA - The film production house owned by Manoj Punjabi PT MD Pictures Tbk (FILM) is on the list of shares being monitored by the Indonesia Stock Exchange (IDX). This is due to the decline in FILM shares which are considered unreasonable and out of the ordinary or unusual market activity (UMA).
"We hereby inform you that there has been an unusual decline in the share price of FILM or the Unusual Market Activity," wrote the Head of the IDX Transaction Supervision Division, M. Panjaitan, announcement of Peng-UMA-00018/BEI.WAS/02-2023, quoted Monday, February 6.
The UMA announcement does not necessarily indicate a violation of laws and regulations in the capital market sector. However, investors are expected to pay attention to the FILM's answer to the Exchange's request for confirmation.
Investors are also asked to pay close attention to the performance of the FILM and its disclosure of information and review the corporate action plan if it has not received shareholder approval. In addition, investors are also asked to consider various possibilities that may arise at a later date before making investment decisions.
"In connection with the Unusual Market Activity on FILM shares, we need to convey that the Exchange is currently observing the development of this stock transaction pattern," said Lidia.
FILM shares were observed to be fluctuating and reached the level of IDR 780 per share as of 10.44 WIB on Monday 6 February trading. The share price has fallen 67 percent compared to the position on 27 December 2022 which once reached IDR 2.360.
This decline in share prices also made FILM market capitalization drop to IDR 7.42 trillion, even though it had touched IDR 27.48 trillion at the end of the third quarter of 2022.
In an explanation from FILM management on January 5, 2023 regarding stock volatility, MD Pictures Corporate Secretary Fidela Hasworini said that they did not know the reason why the company's shares had decreased prices. He also explained his ignorance of the shareholder's transaction plans that could potentially affect the value of the effect
However, Fidela argued that in the near future FILM opens the possibility to realize the plan to raise capital through the issuance of new shares through rights to order securities, aka rights issue.
The FILM rights issue proposal has been approved by shareholders since May 25, 2022. The FILM has 12 months to realize the corporate action since it was approved. This means that the FILM has approximately three months to realize the rights issue.
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